Regions bank secured credit card
Commerce Bank Secured Visa Credit Card
The Commerce Bank Secured Visa card is a secured credit card designed to help people with bad or no credit establish, strengthen or rebuild credit. It requires a security deposit to open the account. Your deposit will be equal to your credit limit and earns interest in a savings account. Cardholders get free monthly FICO credit score access, credit reporting to all three bureaus and zero liability coverage for fraudulent activity.
Security deposit savings account: Your security deposit for the Commerce Bank Secured Visa card is placed in a secured credit card savings account, where it will earn interest. Your deposit, plus interest, is refundable when you close the account, such as when you’re ready to open an unsecured credit card account.
Potentially large credit limit: The Commerce Bank Secured Visa card offers a credit limit of $400 to $5,000. Your credit limit is determined by your income, ability to pay the credit line and the amount of your security deposit.
FICO credit score access: With free monthly FICO credit score access, you can monitor your credit score as you work to improve your credit history.
Annual fee: The Commerce Bank Secured Visa card has a $49 annual fee.
No rewards: Other secured cards may offer a rewards program, but the Commerce Bank Secured Visa card does not.
Commerce Bank Secured Visa Benefits
As a Commerce Bank Secured Visa cardholder, you will get benefits including:
- Free monthly FICO credit score access
- Credit reporting to all three credit bureaus
- Zero liability for fraudulent activity
Annual fee: There is a $49 annual fee for the Commerce Bank Secured Visa card. The Discover it Secured Credit Card does not have an annual fee.
Rewards: The Commerce Bank Secured Visa card does not offer rewards. The Discover it Secured Credit Card earns 2 percent cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter and 1 percent cash back on all other credit card purchases.
Sign-up bonus: Neither card offers a sign-up bonus. However, the Discover it Secured Credit Card automatically matches all of the cash back you’ve earned in your first year.
Benefits: With the Commerce Bank Secured Visa card, you will get free monthly FICO credit score access, credit reporting to all three bureaus and zero liability for fraudulent activity. Discover it Secured Credit Card holders have benefits including a free FICO credit score each month, free overnight card replacement and the ability to freeze your account if your card is lost or stolen.
Annual fee: You’ll pay a $49 annual fee with the Commerce Bank Secured Visa card. There is no annual fee with the Secured MasterCard from Capital One.
Rewards: Neither card offers a rewards program.
Sign-up bonus: Neither card offers a sign-up bonus.
Benefits: Commerce Bank Secured Visa cardholders get free monthly FICO credit score access, credit reporting to all three bureaus and zero fraud liability. Secured MasterCard from Capital One cardholders get benefits including extended warranty coverage, auto rental insurance, travel assistance services, roadside assistance, price protection and travel accident insurance.
Bank of America Secured Credit Card Review – Credit Diary Part III
After my credit score had not improved in months, I realized that the only credit card on my report was not going to be enough. I needed a second credit card with a higher limit to help boost my scores. Since I was in the process of rebuilding, my chances of getting a prime unsecured credit card were really slim to none, especially since I still had some old delinquencies on my reports. So after considering all my credit options, I decided to apply for the Bank of America Secured Visa Card.
I applied in person and was approved. I already had a checking account with Bank of America, so I figured it would be easier to get approved by them. I#8217;ve heard that even though this is a secured card, not everybody gets approved, so I guess these two things worked well for me.
The following timeline will give you an idea of the progress I#8217;ve had with the Bank of America Fully Secured Visa Card. If you are using or have used this card in the past, feel free to post your comments. If you are considering applying, don#8217;t hesitate to post your questions. You can read more about this card and other related topics in our forums.
I am not a credit expert, this is my personal experience dealing with Bank of America and a description of how I used their secured credit card in order to rebuild my credit. If you are interested in checking the progress I had with my first secured card, the Capital One Secured Visa Card, please read: #8220;Capital One Secured Credit Card Review#8220;.
- Keep credit card balance below 30% and pay in full each month
- Take care of negative items on credit report
- Take advantage of the cash rewards this card offers
- November 2, 2011: Credit score went from 579 to 636 after paying off two collection accounts on my report (a 57 point jump!). I had been stuck on the same score for months.
- November 3, 2011: Applied for card in person at Bank of America. Was denied for an unsecured card but approved for a Cash Rewards Fully Secured Credit Card with a credit line option of $300 up to 10,000 depending on my deposit. After 12 months the account will be reviewed and If everything goes as planned, it will be unsecured and I will get my deposit back. Made a $4k deposit. I didn’t even know that a cash rewards secured card existed. I’m hoping that the larger limit will help my score
- November 4, 2011: Not even 24 hours after opening this secured card, it’s already showing on my report as “Current”. My score improved 29 points just for opening this new account. My new Experian score is 665! I couldn’t be happier (86 points in two days)
- November 10, 2011: Received my card in the mail.
- November 12, 2011: Made an extra 1k deposit over the phone which was applied to my account on the same day. I had to give all my information again to do this, but noticed they didn#8217;t do a hard pull as I had read on other forums (probably because they still had my application and report on their system).
- January 7, 2012: I have paid first two statements in full and on time. I#8217;m trying to take advantage of the cash rewards so I pay everything I would pay cash with this card and then pay the balance.
- November 11, 2012: My card graduated after using it and paying it on time for one year. I called the bank at the one year mark and my card was unsecured, my security deposit refunded.
- Comments: My credit score went up 29 points right after this account posted as open on my reports. At exactly the one year mark my card was unsecured and my security deposit refunded. To this day, I still have this card and have been able to greatly improve my credit scores by always paying on time and never exceeding my credit limit.
- Final Rating: This is an excellent secured card and I would recommend it to anyone looking to rebuild or establish credit. It#8217;s one of the only rewards secured card I know of and eligible to unsecure after only 10-12 months.
U.S. Bank Secured Visa Card Review
Posted on March 8th
This is an update of my review of the U.S. Bank Secured Visa Card. There have been some slight changes since my last review, but this credit card is still a good option for anyone who wants to rebuild or establish credit.
Readers have generously shared a lot of comments about this card, so be sure you read them down below. As always, when I update a credit card review, I preserve the comments. People here are awesome and they share valuable information that helps so many others. I love you guys!
Okay, let#8217;s do this thing.
You can apply for the U.S. Bank Secured Visa Card online and fund your deposit account via your checking or savings account.
Or, you can print the application and send your deposit in the form of a cashier#8217;s check or a money order.
On the Terms and Conditions page, U.S. Bank explains that the government requires financial institutions to take extra steps to verify each individual who opens an account. Having intense identification requirements helps the government fight the funding of terrorism and money laundering. So don#8217;t freak out if they want information beyond your birthdate and address. The bank might ask to see your driver#8217;s license or other documents that prove who you are.
Okay, just wanted to mention that.
There are some good features that come with the U.S. Bank Secured Visa Card, such as auto rental insurance, online banking, and automatic bill pay.
You also get FlexControl, which is an online tool that allows you to set up automatic payments, select your own payment due date, and set up customizable text or email alerts. I urge you to take advantage of the free tools so you can stay on top of your payments.
And if you use the U.S. Bank Secured Visa Card responsibly, you can rebuild your credit because U.S. Bank reports your payment history to the three major credit bureaus. Take advantage of this golden opportunity to rebuild#8211;or establish#8211;credit.
There aren#8217;t any rewards associated with the U.S. Bank Secured Visa Card, so we#8217;ll dive right into the numbers.
These rates and fees aren#8217;t too bad. The cash advance transaction fees are a little screwy, but I have a solution for that. You#8217;ll see what I mean when you get there.
APR: You get a variable rate of 19.49 percent. This is up about a half of a percent since my last review. It#8217;s still not bad for this category, though.
Balance transfers: The balance transfer APR is a variable 19.49 percent. The transfer fee is 3 percent.
APR for cash advances: You get a variable 24.49 percent. Here#8217;s the crazy part: The transaction fee is 3 percent for a convenience check cash advance; it#8217;s 4 percent for a cash advance from an ATM, cash advance, or a cash equivalent cash advance.
Let me make this easy for you. Don#8217;t spend the time trying to figure out this transaction fee mess. Just don#8217;t get a cash advance, okay? The interest on a cash advance starts ticking right away#8211;at 24.49 percent. So just say no to exhorbitant interest rates and transaction fees.
Annual fee: You pay $29 per year.
Foreign transaction fees: It’s 2 percent of each foreign purchase transaction or foreign ATM advance transaction in U.S. dollars; but it#8217;s 3 percent, of each foreign purchase transaction or foreign ATM advance transaction in a foreign currency.
Other fees: Late payment fee is up to $37, returned payment fee is up to $35, and more.
Security deposit: Your deposit must be a minimum of $300 and a maximum of $5,000. The amount can only be in increments of $100. (So don#8217;t even think about depositing something like $997. 83, LOL). Oh, and it earns a little interest, so that#8217;s cool.
Credit limit: Your limit equals the amount of your deposit.
The U.S. Bank Secured Visa Card is a much better-than-average card, so I#8217;m giving it top-tier status in my list of The Best (and Worst) Secured Credit Cards. Finding a good secured card is tough and this is a decent option. I#8217;ve been doing this list for several years now, and this card has never left the top tier. But I will note that I occasionally hear complaints about customer service.
The card#8217;s website used to state that when you#8217;ve managed your credit card responsibly for 12 months, you#8217;ll be considered for an unsecured credit card with U.S. Bank. I couldn#8217;t find this statement on the website this time, but I may have missed it. If you have this card, I#8217;d like to know if it covers graduating to an unsecured card. If it#8217;s there, you should find it in the disclosure statements you receive in the mail with your secured card.
Now, I have heard from readers who say they graduated to an unsecured card with U.S. Bank. In many cases, they had to give the bank a nudge. So keep track of the date, and when you#8217;ve used the card responsibly for 12 months or so, call and ask if you can graduate to an unsecured credit card.
Oh, and to improve your chances, keep your balance low and pay it off on time every month. If you#8217;ve done a good job and they still say no to your request, ask why. This is your life and your credit, so be proactive and ask as many questions as you need to. You always deserve answers to your questions.
Note: Credit card agreements change frequently, so read all the disclosure statements carefully. My review is based on my opinion as an expert and on the information that I believed to be in effect on the publication date.
My husband have Capital One unsecured credit card, if he add me on his card as an Authorized User will this also help with my credit score?
Thanks for your time!
Yes it will. I am on my husbands as authorized user and shows on my credit carma positive
I have a long credit history, but horrible credit for the last several years, including foreclosures, liens, collections. The liens against me were almost $180,000, and at that time, I only had one credit card (a secured BankAmerica credit card which I opened when my finances started to tank).
After my USBank secured credit card had been open for eight months, they offered me an unsecured USBank credit card with a $5,000 limit, but it was not straightforward. In fact, I never inquired about graduating my secured USBank credit card to an unsecured USBank credit card.
Here#8217;s what happened:
18 months ago, I applied online for secured credit cards at Merrick Bank and First Natl Bank of Omaha, and both rejected me. Out of desperation and humiliation, I then haphazardly applied to OpenSky ($500) and USBank ($400), and both approved me.
After several months, I wanted to open a checking account at USBank, because USBank credit card customers get a free checking account.
Halfway through the online application process, USBank informed me I would have to telephone in to complete the application. I called USBank and they helped me complete the checking account opening process via telephone. It was then that they offered me a new USBank unsecured credit card with $5,000 limit.
They allowed me to keep my secured credit card open, although I closed it a few months later.
I actually just cancelled this card. I got the secured card three years ago with 500 down. I was advised I would be bumped up to unsecured as well. Unfortunately after 3 years and great credit, despite my multiple attempts, they stated they could not bump me up. I was taken aback. Since I had the card as I mentioned, my credit improved and was able to get awesome cards. I actually cancelled the card last week and will be refunded my 500. I hated to cancel but it aggravated me that I was misled and I was ready to have an unsecured card removed from my credit report.
I had a US bank card secured. I had to use the c.c. for an emergency house repair which put me to my max 5,000. In a few days I called to make my payment of 5,000 and they cancelled me before I made the payment.I was a risk cause I had other secured cards and too many inquiries on my report. I call them right away and the woman treated me badly Jiao L. She refused to send me my deposit back. Beware
how long did it take to get your deposit back? i think us bank secured card is just a scam.
The same thing happen to me. I will never recommend US Bank credit card to anyone again. Try Citibank, they also have an secured credit card program. If approved, and after 18 months of responsible management of your account, they will upgrade your card to an unsecured one.
If I was denied a secured cc, do I get my deposit back? Or do you just keep that?
Ashley, I just applied for this card today. I was told that I would receive my cashiers check (deposit) by an US bank manager back if denied.
It is a good card so far and they told me indeed I had to have the card in good standing a year before being eligible for an unsecured card. The Unsecured card will have the same limit as the secured card. You can only get an increase on your secured card if you add additional dollars to your secured account. I think you can do it after having the card a few month.
How fast does US bank report to the Credit bureau#8217;s?
BEWARE.. This card shows up as #8220;Secured Card#8221; on credit reports. I have the USBank Lanpass secured credit card and that is how it reports. It has helped build my credit. I WOULD RECOMMEND getting the Capital One Secured Master Card which does the same thing to help build credit. I started with a score of 517 and reached 716 7 months after opening both secured cards. 3 months of maintaining credit use I received an offer from CreditOne and was approved for $400 I think and then they increased my limit to $600 after 60 days I think. I now have a total of 6 credit cards totaling $4700 in credit. I always try to stay under 29% utilization. Credit Karma has been a big help. I had some paid collections that Credit Karma has helped me take off my credit report through their online process. Hope this helps. Oh and my secured cards have no activity on them. They#8217;ll be a year old in May 2017. I will be closing them. I was not approved for unsecured usbank card due to having too many credit cards they say.
About 2 years ago, I sent US Bank $300 to get one of their secured credit cards and I was approved and sent a card. I#8217;ve been using that card very little since I received it and have ALWAYS made my payments on-time. But, now I#8217;d like to increase my available credit to $1000. I#8217;ve got 2 questions: Will they do a hard pull, if I send them the additional $700 or should I close this account and open an unsecured account with someone else. I#8217;ve got a credit score of around 690.
What happened to Beverly?
Does she not respond to these comments anymore.
I had a us bank secured cc for 6 months. I bank with us and asked them if I could upgrade to a standard card. I was approved in seconds with a higher limit. Well a month goes by and I checked my credit score. And find that my score dropped 21 points! It shows that they closed my secured card and now I have a new account! What can I do to fix this! I#8217;ve been working really hard on my credit score!
Hi Jeremy #8211; How frustrating! This is a good news/bad news kind of thing, right? Okay, give it three months and check your score again. It can take several months for your score to settle down when changes have been made to your credit history.
Most likely, the bank did a hard inquiry on your credit report in order to approve you for an unsecured card. But this only dings your score about two to five points.
With the cancelled card, you lost that available credit and it may have temporarily decreased your score. Your utilization ratio is the amount of credit used compared to the amount of credit you have available.
But when the credit limit for your new card is taken into consideration by the score, it might go back to normal or even increase. If your new card has a higher limit than the secured card, then it could improve your score because your available credit has increased.
Hello. I#8217;ve had this card for 8 months now. I deposited $5,000 and I#8217;ve used it (under 20%) and paid off the balance in full each month. I#8217;ve since brought my credit score from 570 to 740 (disputed and removed all derogatory marks on my credit as well as paying all lines of credit on time and in full each month) and I now have 4 unsecured cards and an auto loan. The reason I opened the secured card was to help my credit score and show a longer credit history on my credit report. When my one year is up (end of July) I want to #8220;graduate#8221; or #8220;upgrade#8221; this card to an unsecured card. My question is: can this card be #8220;graduated#8221; or #8220;upgraded#8221;#8230; as opposed to closing it and applying for a new card through US Bank? I#8217;d really like it to show as one continuous account of payment history on my credit bureau (for length of credit reasons)#8230; but after reading other comments on this thread#8230; I#8217;m not sure if that#8217;ll be the case. Please advise. Thanks.
Wanted to add my story for this card as well. A month after finishing chapter 13 bancruptcy, I applied for this secured credit card because it was rated higher at 1) approving after bankruptcy 2) helping to restore good credit 3) allowing unsecured credit after a year. They didn#8217;t approve me for a credit card however, they took the #8220;secured#8221; money out of my bank account. It was about a month later I received a letter that approved me. Then I received the actual card. For 12 months, I faithfully used it and paid it off every month, never, ever late. So after 12 months, I called and requested an unsecured credit card. I received a letter in the mail a few days later stating that I was denied unsecured credit because of a #8220;record of bankruptcy.#8221; They listed my TU credit score at 723 *FYI they day before Experion listed my score at 668 and I had also applied for another card a month earlier which listed my score from Experion at 686. It#8217;s interesting to see the variation between credit bureaus as well as between the same bureau.
Long story short, even if you fall in the #8220;good credit#8221; range, it doesn#8217;t matter when you have a record of bankruptcy. I might start looking elsewhere but now I#8217;m wondering if I need a secured credit card for the next 6 years when the bankruptcy is on longer on record.
To answer my own question: I applied to CreditOne for an unsecured credit card and was granted one online right away with a credit limit of $500.00. Please note, this is much better than a secured card of $300 with US Bank. Now, I would very much like to CANCEL US Banks card but it looks like it might ding my credit based on what Jeremy reported. I will look into this further to determine if you get dinged for closing a credit card account.
Strike that last comment by me. I researched further the Credit One card (AFTER receiving it..stupid me#8230;) and determined that I didn#8217;t want it. I applied to Captital One and got an unsecured rewards card with a credit limit of $3000. My husband did too. Possibly because we already have a home equity loan with them and possibly because we have a very good combined income and both have very good credit rating (minus the bankruptcy of course) we were able to get this card.
Long story short, after being with US Bank for over a year with a secured card for $300 and always paying on time every month and they weren#8217;t able to allow me an unsecured card, I will now start the hard task of trying to cancel this account.
Hi Carol #8211; Credit One cards don#8217;t always have a grace period, so I think you#8217;re smart to steer away from that card. Sometimes, folks get promoted to an unsecured U.S. Bank card and sometimes they don#8217;t. It#8217;s hard to figure out.
But hey, congrats on the unsecured Cap One card! You put in the effort to get a good card and it worked. Kudos!
Hi Carol #8211; In response to your first comment, some of the major banks want you to be a year removed from bankruptcy before taking a chance with you. And just so you know, after the first two years, the bankruptcy will have less impact on your score.
I saw in your other comments that you got approved by Cap One. That#8217;s awesome! You have other positive credit lines and I#8217;m glad that was considered.
Yeah, I got hooked with that #8220;CreditOne#8221; card too and realized they are a CapitolOne rip off. I cancelled the car immediately and applied, like you with Cap One and they approved me too!
How long after your deposit clears your bank does it take to get your card??
Hi Teri #8211; I don#8217;t have an exact time, but expect about one to two weeks. Call if you don#8217;t have the card by then.
I#8217;ve had a terrible experience with USBank Secured Visa that I#8217;d like to report. I got a secured card with $300. I always paid on time but not always in full. After the first year after my BK, I applied for unsecured and was turned down. I applied again this year and was turned down again. I immediately applied with Barclay#8217;s and got $1500 unsecured. I decided I didn#8217;t want anything more to do with USBank and instructed them to close the card and refund my $300. It has now been almost 90 days and I still don#8217;t have my money back. I have been a customer of that bank for almost 10 years and this is how I#8217;m treated. This bank gets terrible reviews on Credit Karma and I wish I#8217;d seen them before I decided to open a secured card with that bank. (They arbitrarily closed my unsecured card when I filed BK even though it had a zero balance). If you decided to do business with them, don#8217;t think you can cancel the card in and get your savings in a reasonable amount of time such as one billing cycle.
This Bank is preying and profiting on peoples attempts to rebuild their credit. My story is similar I thought my year was upcoming then I received a Savings Account Statement showing my Secured Deposit #8211; so I called Their customer service is the most untrained, rude I have ever spoken to I inquired did if I received statement as my year was up, she replied yes #8211; no answer when I pointed out it says nothing to that effect anywhere-Then when I asked how to get my deposit she said I could apply for unsecured or close account ?? So I asked min qualifying score she said 680 she thinks. I said I wanted to cancel then and have my money refunded to which I was told today is Feb 7th you cant to anything after Feb 10th so I called back morning of Feb 11th and this time I was told if I wanted to cancel account I had to do it in writing and the $29 membership fee I was also just charged was NONREFUNDABLE?? I asked if she couldnt waive and locate the documentation of my call two days earlier requesting cancel NO it does not matter your account will not officially close for 60 days FEE STANDS. Anyway the result of my year with
USBANK consisted of the following I lent them interest free my deposit (and contrary to website did not pay interest to me on Secured Deposit)they held my money for a year, charged me interest and also by their methods that are NOT stated in any paperwork or on website I could find they either deny Secured Card or waiting another 60 days for refund and being charged for a year membership fee ! The only effect for this card is NEGATIVE but I have during the year gotten unsecured cards #8211; no membership fee and I will WARN ANYONE TO STAY AWAY FROM THIS COMPANY THEY PROFIT OFF YOU HAVE NO INTENTION OR METHODS TO ASSIST YOU TO IMPROVE CREDIT.
OK. I have been looking for somewhere to warn people about this card. It is true that it helps you with your credit score. I had a credit score of around 512 when I started getting serious about my credit and finding out how important it really is. I went ahead and applied for this card and was kind of surprised when I got it. They gave a credit limit of $300 which because of my credit score at the time. I went ahead and recently asked someone at the bank if they would mind doing a soft credit check to get my current score and was told that it was currently 620. Since I had the card for over a year which I was always told that was the length of time the recommend so you can get a regular card. I went ahead and applied for the non restricted card. I was given the good news that after all the time I had the card. Never late on a payment and always paid off the amount in full for a little over a year. I was given the good news that I was approved for the non restricted card with a credit limit of $500!! Really!! After all I did to help rebuild my credit score and such this is the best they could do??
Don#8217;t waste your time.
I would like to put down a $10,000 depont down on a secured credit card
The only card that will allow you to put 10,000$ down is Wells Fargo, but be careful, It is hard to get your security deposit back from most of these companies, so if your need to get your money back after 12 months. Don#8217;t put so much money down
Hi Michael #8211; I agree with Ray#8217;s comment. I don#8217;t recommend putting down $10K even if it#8217;s allowed by a bank. It can tie up that money for a long time and you could need it for an emergency.
You can rebuild credit by putting down a much smaller amount. The key is to keep low balances and pay in full by the due date.
I am wondering why any bank would not approve a secured to anyone no matter the factors. Aren#8217;t they holding all the money you could actually spend? What have they got to lose?
I missed two of my first payments by one day, would this be a big deal for my credit score? If I cancel the account would it still report to the bureau? I know US bank takes a few months to report it.
Thanks in advance,
Hi I have a credit score of 517 as of right now due some poor choices I made when I was younger I only have 3 derogatory marks on my account since I#8217;ve paid most them off. Do you think that I would get approved for this card? I really need something to help build up my credit
Hi Bryde #8211; It#8217;s impossible to predict since the decision is also based on other factors, such as income. If you applied, let me know how it turned out. If you#8217;re declined, the bank has to send a letter telling you why.
Try open sky secure credit card. You will get approve regardless of your credit. I started off with a credit score of 534 within a month my score jumped to 622. Make sure to pay your balance in full and also try to keep your utilization under 30%.. my utilization during my billing cycle was 14%. You can deposit $300-5000 depending on your credit worthiness.. remember, there#8217;s no credit check when it comes to this card and it will help you build your credit fast.
I have a question in regards to their #8220;approval process#8221;; what exactly is it they are looking for? I had a surgery gone bad last year and exhausted disability; I chose to feed my family vs pay my CC bills; I started making payments on the accounts again, but of course the credit limits disappeared. I wanted to use either Wells Fargo or US Bank for a secured card and was curious if they would frown upon opening a secured account considering my credit situation. I still have 2 current auto loans, but the CC#8217;s went south #8211; 3 of them to be exact. Any info is appreciated.
Hi Scott. I both applied for WF USBank secured card at the branch on the same day. I didn#8217;t get approved on the spot. I found out I was approved when both banks withdrew my deposit. USBank is faster when it comes to processing and got my card well ahead of WF. However, when it comes to credit increase, WF allows you for such request after 2 months since you open the account unlike USBank. By the way, my fico score is at low 540 when I got approved for both cards. After 4 months, I also applied for Discover IT secured card(which offers cash back), got approved and supposed to receive it tomorrow. My credit score jumped from 540 to 600. I also just received 2 unsecured credit cards from Capital One (Quicksilver One and Platinum) with $300 CL for each card. Not BAD knowing my score is still below average. Don#8217;t lose hope and hope for the best.
Hi JSar #8211; Thank you for that valuable info! And I love your encouragement to hope for the best.
Hi Scott #8211; If you have a WF or US Bank branch in your area, I suggest going in and talking to a manager in person. Explain your situation so they understand why the credit card accounts got behind. You have a good reason and the bank might take that into consideration.
I sincerely hope your health situation has improved.
I recently got this card but only paid a deposit for a $300 limit. i need to make larger purchases like rental cars. US Bank said I can#8217;t make a deposit to increase the balance until I#8217;ve had the card for 6 months. However, the agent mentioned that I could make a payment which creates a credit balance on my account and then make larger purchases that take the credit balance into account. has anyone tried this successfully?
Hi Peyton. I was also approved last October. Deposited $1K. I went back to the branch after 3 months to increased my limit for an extra $1K. I spoke with the manager and told me the same thing 6 months, not for an increase but too apply for unsecured credit card with them. Re: payment, I accidentally paid twice on my first month and got credited for the extra payment which is $300. I mentioned that to the bank manager and he said I can do that but FICO may see it differently so it#8217;s not really advisable. Hope this answer your question
Hi I#8217;ve had this card for a couple years and I have always paid it early or on time. However I slipped up and made my last payment 1 day late. I was charged a $25 late fee. I was wondering if this will get reported as a late payment??
no. you have to me at least 30 days past due to be reported to credit reporting agencies.
Hi again Beverly
I just checked Credit Karma and am very pleased to report that in one year#8217;s time of using my US Bank Secured VISA credit card, my credit report has gone from 540 (POOR) to 690 (GOOD). :):). This made me very happy. Now that US Bank has switched me from the secured VISA to the unsecured VISA, I will make it my goal to move up to 800+ (EXCELLENT) credit score in the next 12 months. This is what Credit Karma showed me as where I stand now with the 690 credit score.
HIGH IMPACT FACTORS:
Credit Card Utilization: EXCELLENT
Payment History: EXCELLENT
Derogatory Marks: FAIR
MEDIUM IMPACT FACTORS:
Hard Inquiries: GOOD (the two US Bank inquiries #8211; my secured card application and the recent unsecured card application)
LOW IMPACT FACTORS:
Total # of Credit Accounts: VERY POOR (I only have the one US Bank VISA card)
Age of Credit History: VERY POOR (I haven#8217;t had a credit history for 7 years until I got the secured VISA credit card one year ago from US Bank. So technically #8211; I only have 12 months of credit history. I suppose this will change quickly as I go forward with a good credit history. 7 years is the statute of limitation for any blemish on a credit record. Loads of blemish resulting from the great recession and not finding a job for 4 years erased from my records. Kinda like starting a new slate :).
Hi Luisito #8211; Yay!! Congrats to you! Time will take care of the low impact factors. I#8217;m so glad to hear you graduated to the unsecured card at US Bank. Thanks for sharing all this. It#8217;s very inspiring.
Hi Luisito. Just curious, when they transition from secured to unsecured, is the credit limit higher than what you deposited for the secured card?
No. The unsecured card they give you is exactly the same amount that you established your credit worthiness on. I had their unsecured card for a year where I deposited $3,000. They gave me a $3,000 limit on the unsecured VISA.I#8217;m guessing that if I continue to show good personal credit management in the next year, I can request them to increase my credit limit to say, $5,000. Also #8211; it takes 30 days from the time they close your secured credit card before they return the deposit on the secured card.
Back in March 16, 2015, I posted that I was approved for a US Bank Secured VISA credit card where I deposited $3,000. My objective was to rebuild my credit which was decimated during the recession. Your financial advice was very helpful in getting me to decide to open the Secured VISA card and it has not been almost a year since I got the secured card from US Bank. I just came back from my US Bank branch and I asked the bank if they would consider switching me to an unsecured US Bank VISA credit card. They looked at how I#8217;ve used the secured card for the last 11 months which was essentially to pay my bills. I#8217;ve been paying off the entire balance on the secured card whenever my paycheck came in and I never exceeded 30% of the s$3,000 that I deposited on the secured card. They asked a few questions about my employment and they approved me on the spot for an unsecured VISA credit card for the exact same amount ($3,000) that I originally deposited as the credit line on my new unsecured VISA credit card. I guess they saw that I always paid off the balance during the last 11 months and never exceeded 30% of the credit line. Now they are returning the $3,000 deposit I made on the secured card and giving me an unsecured VISA credit card with a line of credit of $3,000. I have you to thank for setting me off on a really sound credit status. My next task is to check what my actual credit rating is now after having used the secured card for one year with excellent credit record. I imagine it#8217;s gone up from the dismal 540 that I ended up with as a result of the recession. Thanks again for your valuable advice.
Hi Luisito #8211; I#8217;m so happy my blog has helped you. You took all the advice and you made it happen. You worked hard and it paid off. Congrats!
Hi, i recently discharged BK 7 and i want rebuild my credit what is the best bank to rebuild my credit any advive thanks
I am yet another person who applied for a secured credit card online with US Bank. I was initially denied the credit card. Three days later, $300 was withdrawn from my bank account with NO notification via email or mail or phone call! Ugh! This caused a problem with my balance and I had to hurry and transfer money into my checking account! Eight days later, I finally received an email stating #8220;congratulations #8211; you have been approved#8230;#8221; and I would be receiving my account information in 7-10 days.
Honestly, this is not an acceptable way to do business. They need to step up their approval and notification process or they could be responsible for a lot of overdrafts causing needless fees and additional credit issues! NOT OKAY! Especially for people who are trying to get their credit back on track! Luckily, I happened to be balancing my checkbook when I noticed it or I would be paying fees. I hope they are not doing this on purpose.
The same thing happened to me a few days ago. I am excited to have been approved get my credit back on track, but was no longer accounting for $300 to be taken out of my account after my application was declined over a week prior to that. Frustrating, but the person I talked to did say that the #8216;decline#8217; would have stated that the application was under further review, which I wasn#8217;t looking for as someone who is used to getting declined. Overall I agree, that process should be more clear their communication needs to improve.
PEOPLE BE AWARE IF APPROVED #8211; THEY TAKE MONEY FIRST B4 EMAIL!
i agree#8230;saw $300 taken from my checking account today with no email or phone call. i thought i was denied when applied online, stating we will notify me. I personally think entering my bank info for deposit shouldn#8217;t be on the same page when applying for secured card.
I thank USBAnk approving me but I don#8217;t approve of this method.
Sorry for the double post. I thought it did not post the first time (thinking I typed too much) because I was looking at the bottom of the page instead of at the top. You can delete this one and one of the other two if you want.
I am waiting for my US Bank Secured Visa Card application to get approved. I put $2000 into it. This will be my first Credit Card ever and therefore the beginning of my credit history.
I can keep my monthly expenses below $350 in normal conditions when I buy nothing fancy and expensive.
My main question is for example say I buy gas today. Can I then go directly to my bank account tomorrow and pay off that expense so my secured credit card fills back up, and so I don#8217;t need to wait every month at the last second to pay a Credit Card bill?
It#8217;s a fairly good question.
The way a credit card works is this:
The merchant (in your case, the gas station) sends an authorization amount to US BANK#8230;let#8217;s call it $90. If you have the credit available, US BANK says, #8220;We will place your requested amount of $90 on hold for this transaction.#8221;
Three to five business days later, the charge is completely finalized and is posted to your account.
You must wait until the charge is posted to pay your bill.
I have this card#8230;and I didn#8217;t wait for the charge to post and tried to pay the charge and nearly had my account closed for #8220;fraud.#8221; They really don#8217;t like it when you overpay what they consider your #8220;amount due#8221; to be#8230;which is a total of your #8220;posted#8221; charges.
Does this make sense to you? I hope I explained it well.
I am waiting for my US Bank Secured Visa Card application to get approved. I put $2000 into it. This will be my first Credit Card ever and therefore the beginning of my credit history. (Credit Karma is unable to detect any credit history for me#8230;.it just comes back as #8220;thin file#8221;).
With a $2000 balance what will the available balance be? I can keep my monthly expenses below $350 in normal conditions when I buy nothing fancy and expensive.
My main question is for example say I buy gas today. Can I then go directly to my bank account tomorrow and pay off that expense so my card fills back up, and so I don#8217;t need to wait every month at the last second to pay a Credit Card bill?
Normally I like paying cash or using a Debit card then and there. So with a credit card I would like to pay it right away and not wait X days for a bill#8230;
Is this possible?
It seems silly to charge a credit card all month and then hope by chance you will remember or have access to a computer or phone in time to pay it off when a bill comes at the end of a month. I would rather pay it off instantly like using a debit card or cash if this is possible with a secured card?
Hi beverly . I just want to know if ever I apply for secured credit worth $300 in US BANK , is it possible to increase my credit line up to $5000 just for a year ? how long would it take to get $5000 credit line ? thank you
Hi Sarah #8211; With this card, your credit limit will equal your deposit. So a $300 deposit equals a $300 limit and a $5,000 deposit equals a $5,000 limit. The fine print states that if you use the card responsibly for 12 months, you#8217;ll be considered for an unsecured card. Instead of tying up thousands of dollars in this secured card (unless there#8217;s a reason you need a high limit), I suggest you make a smaller deposit, use the card for a year, and hopefully get approved for an unsecured card. You#8217;d then get your deposit back.
If you do think you need such a high limit, apply for this card over the phone and ask if you will have any problem adding to your deposit in a year. I don#8217;t see the details for increasing your deposit on the website, so it#8217;s a good idea to confirm that you can increase your deposit when you need to.
When does U.S. Bank, report my credit card (secured card) to the Bureaus? I have been told that: All I need to do is pay my balance and when I do make sure that the balance of the card is below 30%. #8212; Is this accurate?
Hi Christopher #8211; You can call the issuer and ask when they report. I don#8217;t maintain a list of dates because they sometimes change and I#8217;d hate to mislead anyone. Throughout the month, keep the balance below 30 percent and you#8217;re golden.
If you#8217;re trying to boost your score in a hurry, keep it closer to 10 percent. If possible, pay your balance in full so you don#8217;t pay interest.
My advice, STAY AWAY FROM THIS CARD! I applied for this card and was approved on September 29. I received an email on September 30 saying that I was approved and I would receive my card withing 7-10 days. The first card they sent didn#8217;t arrive, I had to call and they sent another, after all the frustration with the delay, I finally received the card on October 24. I called and activated it, but at the moment I was not able to enroll for online banking because the page could not verify my information. A while later I tried to send a payment through PayPal and the page kept saying my payment method was declined and if it continued I should contact my credit card issuer. I did, they put a note on my account and I was able to send the money. Today I went to Walmart to buy some groceries, when I#8217;m trying to pay the card got denied. I told the guy to cancel the transaction and to leave my groceries around while I called US Bank. When I entered my card number it automatically redirected me to their fraud prevention department. I spoke to a representative who had me verify some information and past transactions. After the longest #8220;brief hold#8221; in history, he came back to me and said he had to ask me a few more questions. Two of the most absurd questions were #8220;in what country was your SSN issued?#8221; and #8220;In what city was your wife born?#8221;, especially since I don#8217;t have a wife. I am not sure where they got that question from, assuming it was a security question. After the long wait and all the questions they told me they placed my account under review and it would be locked for the next 48 hours. This is just after 2 days of having the card. I am paying my balance and closing this account immediately after. Be wise and do not get a card with US Bank.
My advice to anyone thinking about getting a US Bank Secured Card is DON#8217;T DO IT!! I applied for this particular card after reading the reviews but quickly realized that I made a horrible mistake. I was trying to rebuild my credit after having to file bankruptcy back in 2011. Almost immediately I was having problems. I downloaded the app to manage my account and boy let me tell you what a headache that has been. When you make a payment you don#8217;t receive any type of confirmation. No text, no email, no phone call, no smoke signal, no anything! I made my payment approximately 2 days before the due date and wasn#8217;t sure if it was actually paid. When I called the customer care they advised me that they have no way of seeing the payment until it posts. Well#8230;my first payment was late by one day because the payment had not gone through. On the second month I made the payment 10 days before the due date just to be on the safe side but again the payment did not post. So I thought. When I checked my bank account that I used to make the payment it showed that two payments were deducted. I had made the payment but there was no way for me to confirm it at that time. September 29th of this year made one year since I signed up for this card. When I called to ask if I could convert to a non-secured card they denied my request citing that they must have 12 consecutive on time payments and told me that if I wanted a credit line increase I would need to send in more money. This bank sets you up to fail so my recommendation is that you DON#8217;T DO IT! I wrote the Office of the President they basically told me where I could shove my secured card and gave me a toll free number to call and cancel. They don#8217;t give a damn about the consumer.
Hi Sheddy #8211; I#8217;m sorry you#8217;ve had such a bad experience. I often hear complaints about payments and posting dates when it comes to secured cards. Thanks for sharing your experience.
Hello, Beverly. I understand that US Bank reports their card as #8220;secured#8221;. But what happens after graduation? Does it stop reporting as secured or will it continue to show up as secured?
Hi Alexander #8211; Yes, if you graduate, you#8217;ll get an unsecured card and it will be reported as a revolving account on your credit report.
Ok was wondering what the number was that i could call and check on status of Secured card
Thanks in advance Tina Millay
Hi Tina #8211; The contact number for the secured card is 800-285-8585.
by the way #8211; I deposited $3000 on the secured card because I know that 30% of that ($900) would more than cover all my average monthly expenses (except rent which I pay by check) and be able to pay the balance off of the secured card within the credit grace period or ahead of the due date for payment. I just wanted to know if having several cards would#8217;ve been wiser. I just felt that having only one card would make record keeping a lot less daunting. Thanks.
Having one card with $3000 credit limit is better than having lets say 3 cards with $1000 each. Here#8217;s why: It will have a greater positive impact on your credit score as long as you keep your monthly balance under 30% of your credit line.
Thanks for the tip, Serge. I appreciate it very much.